Soleron on 12 March 2012
Pretty much the same as what is already happening: huge cuts to government spending, tax increases, mass redundancies, economic depression as other countries view trading with them as high risk, and IMF funding to provide essential services.
Creditors recieve little or nothing back on the debts (btw under the CURRENT plan this is also true if you look closely, they got them to agree to large writedowns).
Honestly I don't see much difference between this EU bailout and a default.
